Water-related damage costs insurers $1 billion

U.K.-based insurers said that water leakage-related damage in commercial buildings, retail premises, hotels and apartment blocks cause £800 million ($1 billion) insured damage annually, Twin FM reported. The insurers said that the financial sector is particularly vulnerable to such losses with data center outages costing an average of £12,000 per minute and hourly losses on the Stock Exchange costing around £4.5 million.

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